Colesburg, Iowa-based Farmers Savings Bank will acquire fellow northeast Iowa-based Elgin State Bank, according to a legal notice in the Northeast Iowa News.
Farmers Savings Bank filed a merger application with the FDIC on Nov. 11. The price of the deal was not disclosed.
The $235 million Farmers Savings Bank has 31 FTEs and four branches. The $28.6 million Elgin State Bank has seven FTEs and two branches. The deal is expected to allow Elgin State Bank customers access to mobile banking, mobile deposit and expanded lending services, according to a report in Fayette County (Iowa) Newspapers.
“Even though the Elgin and Wadena banks will operate under a new name and ownership, the current staff looks forward to continuing to serve you in the same neighborly manner they always have,” said Elgin State Bank Owner Catherine Britt. “I again express my heartfelt thanks for the years spent with all of you.”
Britt expects to retire when the deal is finalized, which is expected on Jan. 31, 2025.